Making your members feel valued is one of the intangible ways to retain current members and attract new ones. When members feel important, their loyalty grows. In business, it is a proven fact that keeping a customer costs less than trying to acquire a new one, and the same is true for credit unions. Here are a few tips and tricks for ensuring that your credit union member services are making your members feel valued:
1. Attention to Detail. There are endless factors that create member experience. From customized offers based on members spending habits to tellers dressing professionally and addressing members by name. It’s the attention to the little things that leave members feeling valued. In the article, 6 Things MSRs Should Remind Themselves of Daily, it is discussed how body language by your MSR's is all-important when it comes to gaining members trust. The 7%-38%-55% rule points to three elements that inform first impressions and earn trust: Words are 7% of the message, tone of voice is 38%, and body language is 55%. Remind MSRs that, while what they say is important, 93% of their interactions are perceived by tone, attitude and nonverbal cues.
2. Personalized Service. Personalizing a member’s experience shows them they are more than just a number to your credit union. If your core technology provides you with valuable data, you can determine saving and spending patterns of members, and identify savings or credit card programs that would benefit them. If you know they have a child about to graduate high school, providing information about student loans will show you have taken note of important changes in their life. If you are emailing a member and you know they are leaving work early in order to catch their son’s football games, be sure to end your email with “Go Team” or “Good Luck” to show you support the things special to them.
3. Anticipate their Needs. This tip is essential to all valued relationships. Providing products and services that add efficiency to their otherwise busy lives is key, as technology advances and new offerings are available. This includes conveniences like mobile banking and e-Signatures. Anticipating the needs of your members keeps you one step ahead and in control of their user experience.
4. Think of the Bigger Picture. This tip goes along with anticipating the needs of your members and can be applied to any type of business endeavor. Thinking of the bigger picture ensures that every surprise or outcome is covered. If your office is located in the city, do you offer free or validated parking? Do members receive reminders to update their information before an annual fee is charged? Consider the entirety of their interaction and experience with your CU.
5. Respect their Time. Be understanding of your member’s time to show that you respect them and their business. Respond to customer service inquiries in a prompt manner and warn members of the wait time when they arrive at the branch. Give them access to tools that make traditionally slow services, like loan processing, faster and more convenient, like electronic document transfers.
6. Listen. At the end of the day, members want to feel heard. If 50% of your members fill out a survey and indicate that they would prefer online bill pay, invest resources into enhancing this product to show members you care about their ideas and concerns. Listening to members can bring fruitful knowledge to your credit union and help you adjust factors before you potentially lose a dissatisfied member.
Make your members feel valued by acknowledging the fact that your credit union wouldn’t exist without them. Remind them that not only are they members, but they are also owners. If your members feel valued they will not only return to your CU, but they will share their great experience with their peers.
